Hi there,

Sadly (for me!), my summer break 🏖 is over.

As I write this, I'm making my way through various airports back to the team in New York. 🛫

Just one thought for you today, based on a quote I saw this week that hit me right between the eyes 👀 (so to speak):

“Lawyers know they have to move to value-based pricing, it's just a matter of how."

That was in the notes one of our team members sent me after she spoke with one of our research partners here at PERSUIT, some of the smartest people I know about the business of legal.

We’ve been talking about value-based billing and AFAs for a long time in our industry. 

Even when I was a partner (in what now seems like ancient times!) people were saying that this was the way the market was moving.

Well, now it’s happening for real. 💯

ChatGPT, Google’s Bard, Harvey, and the many other AI tools we know are coming soon will see to that. 🤖

Even for in-house teams that have resisted moving away from hourly billing, value-based billing will be part of the mix moving forward.

The only questions are: How will in-house teams value the services provided by their law firms?

Where will they get data about what services should cost?

And how will law firms stay profitable as they move to charging for value — instead of time?

Much to ponder in this new world we live in. 🤔

Cheers!

-Jim

Also in this edition of The PERSUIT, I'm excited to feature:

• Never-before-shared data 📊 about the behavior of top law firms. 
• A new best practices guide 🛠 for creating a panel of preferred law firms.
• Upcoming events and where you can visit us in person over the coming month.

Jim Delkousis

Founder and CEO  

PERSUIT

DATA

Do Top Law Firms Participate in Competitive RFPs?

“I'm worried that my firms won’t compete in a competitive bidding process” is something we hear often when speaking with corporate legal departments about increasing their use of competitive RFPs.

According to the data, you need not be worried. 

This week we've put together a short article showing how often top legal firms participate in competitive RFPs.

Spoiler: They participate often — and show little hesitation about submitting proposals, especially for higher-value matters.

Continue Reading: Do Top Law Firms Participate in Competitive RFPs?

Jordan Weinstein

VP of Data & Product

PERSUIT

BEST PRACTICES

How to Establish a Panel of Preferred Law Firms: 7 Best Practices for In-House Legal Teams

PERSUIT’s Legal Advisory Team has worked with several in-house teams on panel projects in recent months. 

As we’ve seen in those projects, there are a few steps you can take to set yourself up for success when establishing a panel.

There are seven best practices our team recommends when establishing a panel of preferred law firms.

Here they are — and why they're so important:

Continue Reading: How to Establish a Panel of Preferred Law Firms — 7 Best Practices for In-House Legal Teams

Laura Spalding

Director of Legal Advisory

PERSUIT

POLL RESULTS

Last week, we asked: "In-house teams, when thinking about how AI will impact legal, which category do you fall into?"

Here's how you answered:

1. Top Answer 🥇 (83%): "We're curious about AI and trying to figure out our next steps." 🤔 
2. Second Place 🥈 (17%): "We're already on-board the AI train!" 🚂
3. No votes! (0%): "Enough about AI already; we'll get there but there's enough to do here and in the areas where need to make immediate impact." 😖
4. No votes! (0%): "Wait, what? The robots are coming?" 😲

Thanks to all who voted. We'll run another poll next week!

UPCOMING EVENTS

Where's PERSUIT? 

Here's where you can find us this month:

• Roundtable, Innovative Legal Leaders: Pittsburgh, August 16 — By invitation.
• WEBINAR — AI-Driven Legal Transformations; Navigating the Future of Corporate Counsel and Outside Counsel Relations: August 17 — Register here.
• Roundtable, Innovative Legal Leaders: Minneapolis, August 23 — By invitation.